Mint and Burn Process
Mint Process
Users can mint xUSD with X Network, the minting process is as follow(For unstable assets minting, the address needs to be whitelisted, for stable assets minting, it is public)
The user requests to mint xUSD via our website by selecting a backing asset, such as stETH, wBTC etc. , entering the amount of token they wish to use for minting, and viewing the amount of xUSD to to receive.
If the user agrees with the amount of xUSD, he can select the "Mint" button and authorize a signature that specifies the backing asset, the amount of the backing asset, and the amount of xUSD they will receive.
Once the user signs the transaction with their wallet, X network validates the request and submits the transaction to X L2.
Upon successful transaction confirmation, the user's selected backing asset, such as stETH, is atomically exchanged for the agreed amount of xUSD
Burn Process
Users can burn xUSD through the interface of X Network.
The user can initiate the burning of xUSD through our dApp interface by choosing a backing asset to receive, such as stETH, entering the amount of xUSD they want to burn, and viewing the corresponding amount of stETH they will get.
If the user agrees with the amount of stETH, he can select the "Burn" button and authorize a signature that specifies the amount of xUSD, the backing asset, the amount of the backing asset they will receive.
Once the user signs the transaction with their wallet, X network validates the request and submits the transaction to X L2.
Once the transaction is successfully confirmed, the user's selected backing asset, such as stETH, is atomically exchanged for the specified amount of xUSD.
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